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GCC is the acronym for Gulf Cooperation Council in the Gulf. The Gulf Cooperation Council was established in Abu Dhabi, UAE on May 25, 1981. Its member states are Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Sultanate of Oman, Kingdom of Bahrain, and 7 Yemen. The General Secretariat is located in Riyadh, the capital of Saudi Arabia. The highest authority is the Supreme Council, which is composed of the heads of member states, and the chairpersons are alternated for a term of one year. The political and economic systems of the six nations are similar. The royal families are closely linked, and they have common interests in politics, economy, diplomacy, and national defense. They are an important political and economic organization in the Middle East.
Foreign trade occupies a very important position in the national economies of the six GCC countries. Due to its single economic structure, in addition to petroleum and petrochemical products, most of its other living and production needs depend on imports. The total annual import and export trade is about 240 billion US dollars. The main exporting countries are the United States, Japan, the European Union, South Korea, and Southeast Asia. The main importing countries are the European Union, the United States, Japan, and Southeast Asian countries.
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